The Federal Government on Friday distanced itself from claims that it acquired 25 per cent of FBN Holdings Plc, First Holdco, saying neither the government nor the justice ministry “participated in acquiring the shares in question.”

“Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question,” said the Special Adviser on Communication and Publicity to the Attorney‑General, Kamarudeen Ogundele, in a statement he signed Friday titled.

The statement is titled “AGF denies FG’s involvement in First Holdco Share Acquisition.”

Ogundele argued that First Holdco itself created a trustee structure approved by the Central Bank of Nigeria, with Stanbic IBTC appointed as an independent third-party manager, and that this arrangement “is distinct from any government involvement.

“We are compelled to respond to a publication by ThisDay Newspaper of July 17, 2025, and Arise TV suggesting that 25% of First Bank Holdings (First Holdco) shares were transferred to the Federal Government of Nigeria’s trustee.

“The report is inaccurate, misleading, resentful and malicious. The Office of the Attorney General of the Federation and Minister of Justice debunks this falsehood to prevent confusion or misconceptions about First Holdco’s ownership and governance,” the statement read.

The FG said the circumstances surrounding the shareholding structure were distinct from its involvement.

However, it acknowledged being aware of a trustee set up by the First Holdco, with the CBN approving Stanbic IBTC to oversee it as a third party.

It urged news outlets “to exercise restraint, professionalism and due diligence,” warning that such inaccuracy could distort perceptions of the bank’s ownership and governance.

“We assure the public of continuous commitment to the promotion of the Rule of Law, Justice, equity, accountability, transparency and service to the nation by the administration of President Bola Ahmed Tinubu,” it concluded.

Friday’s statement follows a ThisDay newspaper article and an Arise TV segment that suggested the FG had quietly taken a quarter‑stake in Nigeria’s oldest banking group.

First Holdco’s share register has been closely watched since 2021, when billionaire Femi Otedola accumulated a five per cent holding, triggering a board shake‑up months after the CBN had sacked First Bank’s directors over insider loan breaches.